The Lagos State House of Assembly, on Monday, passes appropriation bill of N3,367 trillion for the 2025 fiscal year of the state.
The budget was approved by voice votes at a plenary presided over by the Speaker, Mr Mudashiru Obasa on Monday.
Obasa explained that passage followed the presentation of a report on the budget by Mr Sa’ad Olumoh, the Chairman of the Joint Committee on Appropriation and Finance.
Governor Babajide Sanwo-Olu had on November 21, presented a budget proposal of N3.005 trillion to the House for approval.
The governor, during the presentation, told the lawmakers that the budget has a deficit financing of N408.9 billion, adding that the deficit would be financed from external and internal loans and bonds.
The speaker said the approved budget was made of N1.295 trillion as recurrent expenditure while N2.071 trillion was earmarked as capital expenditure for the year ending Dec. 31, 2025.
Obasa, thereafter, directed the Clerk of the House, Mr Olalekan Onafeko, to transmit a clean copy of the passed bill to the governor for assent.
The Speaker commended his colleagues for their painstaking efforts leading to the passage of the budget.
Meanwhile, the House, during plenary on Monday, also passed a bill to consolidate all laws on Local Government Administration in Lagos State.
The bill further makes provisions based on constitutional amendments as well as amendments by the National Assembly which have direct effects on the local governments in the state.
